You have many reasons to trust Canara Bank as one of the best in nationalized banks in India. It has the most sophisticated net banking coupled with phone banking and other features of state-of-the-art banking. The best thing in its net banking facility is that the bank ensures protection against all the fraudulent transactions taking place in the internet. Your information remains safe and secure by the safety measures implemented by the bank. On the front of its varieties in deposit schemes, you have many options to maximize your money with best returns.
The recurring deposit scheme is lucrative enough to draw your attention with its multi-faceted features that makes you only gain in the long run.
Let’s see its broad features, which are worth a good investment from your hard earned money.
- Lowest amount as investment!
Just have a Rs 50 in your pocket that you can continue every month for a scheme in deposit. This is amount needed for the recurring schemes as the lowest one.
- No worry about ceiling
You can have any amount as the higher amount for the recurring deposit with Canara Bank. The bank has not fixed any ceiling on the upper limit.
- Interest compounded with principal at every quarter
You need not worry about your best return from this scheme as your money with interest is compounded at every quarter in a year.
- No TDS
Your income at the maturity of the scheme will not be subjected to tax deducted at source at the end of the scheme. That simply adds to the multiplicity in the income.
- Nominate your inheritor as you wish
You can nominate anyone you like as the receiver of the money in this scheme.
- Loan family
This stands definitely as an added feature as you are eligible to have 90% of the amount as loan.
How can you apply?
You can apply at the branch in your city, where you have your account in Canara Bank.
You can apply in your net banking account by logging in to that.
You can apply along with the following documents;
- Copy of pan card
- Form 60 or 61
- KYC form and its relevant details
- Any other document as proof when you are applying as a HUF, partnership firm, and as a company.
- Two photographs
Rate of Interest
The best part about the Canara Bank is that you can earn as much as 12.48 % interest rates on RD if you go for 8 to 10 year of deposit. Let’s check out the current recurring deposit interest rates available for 2014 year below:
|Recurring Deposit Scheme|
|Deposit Term||General (yield rate)||Senior Citizen|
|31 – 45 days||6.5 %||7 %|
|46 – 3 months||7.00 %||7.5 %|
|91 – 179 days||7.30 %||7.80 %|
|6 months – 269 days||7.06 %||7.57 %|
|1 yr||9.31 %||9.84%|
|1 – 2 years||9.04 %||9.58 %|
|2 – 3 years||9.51 %||10.09 %|
|3 – 5 years||9.95 %||10.59%|
|5 – 8 years||10.83 %||11.59%|
|8 – 10 years||12.48 %||13.48 %|